Over the past couple of years, given the choice between direction buyers toward a short sale or a bank-owned (or owner-owned home), there was little real deliberation needed – anything was better than waiting forever on a short sale.
That’s not really the case right now, though, not in a market where we’re now under 13,000 single-family detached homes for sale across all of Maricopa County. Buyers are looking at short sales because there aren’t all that many other choices.
And with an agent who knows how to mitigate some of the ever-present risk of buyers looking elsewhere and abandoning ship during the early stages of the short sale process, combined with streamlined processing at some lenders, and the chances for success are better than they’ve been in some time.
How thin is inventory in Glendale, Peoria and the Northwest Valley?
- Anthem – 114 detached homes for sale
- El Mirage – 85 detached homes for sale
- Glendale – 610 detached homes for sale
- Peoria – 557 detached homes for sale
- Surprise – 527 detached homes for sale
In all of the above cities, there are more homes under contract than available and a view of the inventory in consecutive weeks will see a fairly complete turnover of viable, sellable properties.
Short sales are not for every homeowner – you need to speak with a real estate attorney to discuss your options before moving forward (and, conveniently, I can put you in touch with a couple of them.)
If you’re either behind on your payments or expecting to be so, this is one call or e-mail you need to make now … now before the bank begins the foreclosure process, and now while the dearth of inventory locally is working in your favor.